Korean consumer electronics brand LG recently said it may hike price of its products by up to 5 per cent from November, citing rising input cost and appreciating US dollar against Indian rupee.
“There is a possibility of again reviewing the prices (of home appliances) because of increasing manufacturing cost and appreciating US dollar…the price may be hiked by up to 5 per cent,” Rajeev Jain, business head (home appliances), LG Electronics India said.
LG has already raised prices of its products thrice this year by 4.5 per cent. Appreciating US dollar against rupee has put an additional burden on company’s cost as 40 per cent of its home appliances are imported from its different plants located in China, Korea and Thailand. “Nobody expected that US dollar will rise such a way and it is one of the biggest factors in raising our cost,” he said.
Few items such as fully automatic washing machines, dish washers, water purifiers are completely imported from other countries for Indian market which will push up their cost, he informed.
